Nigel Peaple, Director of Policy & Research at the PLSA, comments on the Work and Pensions Select Committee report on pension costs and transparency:
“The PLSA supports the Pensions Dashboard as a means of helping savers plan their retirement income. Crucial to this will be savers' trust and confidence in the dashboard, achieved through a non-commercial service and including all of savers’ pensions - including the State Pension - in one place. We are pleased to see the Committee agrees these elements will be essential to the dashboard from the outset.
“Equally important is the context in which people see their pension savings. We strongly agree with the Committee that the inclusion of retirement income targets on the dashboard would make the information presented there more meaningful to savers. The PLSA has commissioned Loughborough University to develop a set of independent Retirement Living Standards for widespread industry adoption, which will be released on 17 October 2019 at our Annual Conference in Manchester. We look forward to working with the Pensions Dashboard Industry Delivery Group to secure their inclusion in the service.
“The PLSA welcomes the Committee’s support for the Cost Transparency Initiative templates. We are encouraged by the industry’s widespread engagement: the templates have been downloaded thousands of times from the website and the PLSA has fielded hundreds of technical queries about implementing the regime. We are fully committed to improving the quality of cost transparency across the pension sector.”
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Steven Kennedy, PR Manager
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